I last spoke about this back in late September as it was forming its cup with handle pattern. The stock since then broke out and rallied higher from there.
Due to the current market correction the stock did slow down but now is looking to continue its move.
The tight consolidation it was in during this short correction indicates that institutions were accumulating during this time.
The stock broke out with higher than average volume and is showing signs of continuing its move.
Trade Idea:
* Now's the right time to enter as it's not too far from its broken level.
* If you're looking for a slight discount you can look for an entry near the $164.08 area as this should now serve as support.
Caution:
* A daily close below 164.08 would put it back inside the consolidation range.
* A daily close below $160.21 would negate this idea.
Due to the current market correction the stock did slow down but now is looking to continue its move.
The tight consolidation it was in during this short correction indicates that institutions were accumulating during this time.
The stock broke out with higher than average volume and is showing signs of continuing its move.
Trade Idea:
* Now's the right time to enter as it's not too far from its broken level.
* If you're looking for a slight discount you can look for an entry near the $164.08 area as this should now serve as support.
Caution:
* A daily close below 164.08 would put it back inside the consolidation range.
* A daily close below $160.21 would negate this idea.
